Overview
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Are Stimulus Checks Taxable?
Under the Coronavirus Aid, Relief, and Economic Security Act (CARES Act),
these type of checks, Economic Impact Payments, are not taxable on your
federal tax return. Quoting the IRS, "the Stimulus Payment are not includible
in your gross income. Therefore, you will not include the Stimulus payment
on your Federal income tax return nor will you pay any income tax on that
payment. It will not reduce your refund or increase the amount you owe when
you file your 2020 Federal income tax return. Also, the Stimulus payment
will not affect your income for purposes of determining eligibility for any federal
government assistance or benefit programs."
Call us anytime, Monday through Sunday, at 215.550.3636, should you have any
tax or other related questions.
Our Tax Pros have over 80 years of Tax and IRS Tax Resolution experience.
Do not hesitate. Call on Sunday to prove we are in our offices to serve you.